In this issue we explore several different ways to drive performance improvement, including reducing overhead costs, starting new projects and making changes without involving technology.

This quarterly publication is specifically tailored for chief financial officers (CFOs) and aims to provide you with relevant, practical tools, resources and events to support you in your role. We welcome your feedback on areas of content for future editions.

Next month CFO News will focus on Treasury from a CFO perspective. If you have examples of case studies or tools from your organisation that others will benefit from please send them to cfonews@cpaaustralia.com.au
 

Reducing overhead costs

When ASC, formerly known as Australian Submarine Corporation, sought to reduce overhead costs their finance group was charged with the responsibility of conducting the review and achieving savings.

The cost review study was conducted in two stages, a functional cost review and an activity based cost management analysis. In his case study, Vladimir Malcik, ASC chief financial officer, provides an overview to this study and highlights the key factors contributing to its success.

 Read more: Overhead expenditure review

New projects are essential to the success of a business

Undertaking the right projects can create new markets, assets, processes and attitudes.

Geoff Charters explores how new projects add value to a business, and what undue haste can do to performance ratings and outcomes.

Geoff will expand on this topic during his presentation Strategic Capital Expenditure and Control at CPA Australia’s Platinum Series in October, November and December 2006. Details can be found in this newsletter under upcoming events.

 Read more: Why projects should be consistent with the organisation's strategy

Increasing productivity without technology changes

Most companies focus on new technologies to deliver productivity gains. However, research shows that many small changes – involving no new technology – can dramatically and cost-effectively increase productivity.

William Heitman, Philip Spencer and Richard Hagey, from The Lab, a management consulting firm based in Jersey City, New Jersey, have found that most businesses have a large number of non-technology improvements available to them that, taken together, can deliver substantial gains in productivity.

Find out about opportunities, improvements, eliminating waste, better understanding customers needs, management rules and clearing the paths for gains to implement non-technology productivity improvements across a wide range of industries.

 Read more: Productivity, small changes add up

The Australian CFO agenda

As part of an ongoing High Performance Business strategic initiative, Accenture found that there is a direct correlation between the proficiency of an organisation’s finance function and its overall performance.

Depending on your particular sector of the economy, you are currently booming and investment and demand are strong or, demand is weak and intense overseas competition is taking its toll.

As Accenture discover through a series of interviews and round table discussions with CFOs and senior finance executives, this story is the same across the public and private sector.

 Read more: Setting off towards high performance finance

How the finance team is helping sales

Increasingly the role of the CFO is expanding to seek opportunities for improving the revenue line. While sales force effectiveness has traditionally been the realm of sales and marketing directors, a strong partnership is emerging with the finance team who are now expected to provide the necessary horsepower to analyse, diagnose and assist in planning how to improve sales force effectiveness.

In their article, Third Horizon provide a structured basis for improving sales force effectiveness.

 Read more: Enhancing revenue through sales force effectiveness

Platinum Series

	Strategic capital expenditure management and control
	Corporate accountability, the new phase of governance – How to build effective strategies
	Organisational fraud – Will you be the next victim?

Business professionals can get updated on the latest issues impacting senior-decision makers at CPA Australia's Platinum Series workshops to be held in New South Wales, Queensland and Victoria.

The workshops - featuring Robert Cockerell (principal from Ernst & Young’s Fraud Investigation and Dispute Services), Geoff Charters (an expert in government, private and not-for-profit sectors) and Steve Bowman (an expert adviser to leading businesses worldwide on conscious leadership, strategic innovation and awakening the power of consciousness within organisations).

For more information on the Platinum Series and the specific dates in October, November and December 2006 visit CPA Australia's website.

G100 National Congress

The G100 National Congress, The CFO - What's Next? will be held from 26 – 27 September 2006 at the Westin Hotel, Sydney.

Congress dinner guest speaker is Sol Trujillo - CEO Telstra.

For more information and bookings visit G100 website.

CPA Congress 2006: Agility in the face of change

In 2006, CPA Congress is the premier business event, delivering an impressive line-up to enable agility in the face of change.

Taking place in Melbourne, Sydney, Brisbane, Adelaide and Canberra across October and November, participants will have the choice of numerous future scanning topics, technical updates, best practice case studies as well as sessions tailored specifically for the CFO.

To search for your state's program visit the CPA Congress website.
 
International Tax and Business Conference
 
CPA Australia's inaugural International Tax and Business Conference hits Sydney and Melbourne in November.

Hear leading-edge presentations on how to structure a business plan and tax strategies for overseas markets. Past and present developments in international tax, key drivers of reform, and imperatives for industry to respond will be covered. We cover the major growth markets of China and India and delve into key issues of transfer-pricing, controlled foreign company rules, tax treaties and thin capitalisation impacts, along with much more.

One highlight will be a three hour master class with tax experts KPMG, complete with technical information and the latest market information on overseas regions.

For more information on this inaugural event visit CPA Australia's website.
 

CFO Executive Networking Series (NSW)
 
Lee White, chief accountant of ASIC, will be our special guest at the next CFO Executive Networking Luncheon to be held on Tuesday, 10 October 2006. The topic of the event, to be held at Shangri-La Hotel, Sydney, is The Evolving Role of the Audit Committee. 
 
Lee is an experienced audit practitioner with considerable experience both in the private sector and the NSW Auditor-General where he was the Assistant Auditor-General responsible for all financial audits and audit methodology.
 
For more information on this invitation only briefing, email nsw.events@cpaaustralia.com.au.

CFO Breakfast Briefing Series (VIC)

The final breakfast briefing for this series is scheduled for Thursday 19 October as part of CPA Congress.

The breakfast will feature Perry Abbott CPA, director, Global Commercial and Operations for Computer Sciences Corporation (CSC). Perry will share his personal reflections and thoughts on 'Offshoring' and the challenges facing CFOs.
 
For further information on this invitation only briefing, please email
rosa.gentile@cpaaustralia.com.au.
 
The workplace of the future (ACT)
 
Dr Peter Ellyard will be presenting on The workplace of the future. This event will be held on Wednesday 25 October 2006 at the Boathouse by the Lake.

For more information on this invitation only luncheon, email kate.hancott@cpaaustralia.com.au. 
 
CFO labour market lunch (TAS)

Terri Simpkin, director, mischief business engineering, will be speaking at the next CFO lunch on Wednesday 18 October at Salamanca Inn, Hobart. She will discuss the problems of skills and labour shortages and traditional retention strategies in today’s labour market.

For more information about this invitation only event please contact Janelle Mathews on janelle.mathews@cpaaustralia.com.au  or phone +61 3 6282 8701.

FEI panel discussion (NSW)

FEI (Financial Executives International of Australia) luncheon - Thursday 21 September: A panel discussion addressing: Annual General Meetings – an opportunity, not a chore.

The panellists are:

	a CFO (Dieter Adamsas, Leighton holdings Limited)
	a company secretary (Andrew Horne, Thakral Holdings Limited)
	a corporate lawyer (Geoff Hoffman, Clayton Utz)
	a shareholder representative (Stephen Matthews, Chairman, Australian Shareholders Association Limited)

For more information and booking details, see FEI's website.
 

CPA Australia is committed to supporting you and your staff. CPA Australia has spoken to CFOs and heard that you want:: 

	Practical tools to help you do your job
	Opportunities to discuss key issues with your peers
	Simple targeted communication from CPA Australia

To provide feedback on this newsletter, or to find out more about the solutions we can offer, contact Andrew France on +61 2 9375 6282 or email cfonews@cpaaustralia.com.au. The August 2005, December 2005, March 2006 and July 2006 issues of CFO News can be viewed on CPA Australia’s website. 

  August 2005 issue
  December 2005 issue
  March 2006 issue
  July 2006 issue